因此，航空公司在进行并购时应当充分认识到并购活动中可能出现的各种风险，并据
以制定应对措施

传统的风险管理存在许多局限性。首先，它将企业所有部门及其风险管理活动进
行简单地集合，忽略了企业系统内部各种风险之间的相互影响。其次，它将风险管理
限定在日常事务范围内并自上而下的单一式管理。再次，它没有考虑到风险管理结果
与企业的战略要求结合起来，并根据战略的差异性进行调整。集成风险管理将企业全
局范围内的风险管理活动形成了一个有机的整体，并将该整体置于一个系统的框架
内。这个框架涵盖了企业风险管理的目标、组织、方法体系以及信息系统。其次，企
业集成风险管理的目的是使企业所有的风险管理活动与企业战略发展目标保持一致，
因此集成风险管理目标的制定必须在企业战略的指引下进行。再次，企业集成风险管
理充分考虑到了企业内部战略的差异性，能够根据不同的战略制定不同的风险管理目
标

本文首先将风险管理置于并购战略下，引入集成风险管理理论思想，搭建并购集
成风险管理框架模型，将研究的对象看作由许多相互联系的要素组成的特定功能的有
机整体。其次，综合考虑航空公司并购所面临的风险，将航空公司在并购中遇到的风
险主要分为交易、决策、市场和整合四个层面，建立并购风险指标体系，并建立熵权
决策模型，评估风险指标对企业的影响程度，对企业并购风险进行排序，辨识出企业
面临的关键风险、次关键风险和不重要风险。对于不同级别的风险采取不同的管理应
对措施，实现企业综合利益最大化

通过集成风险管理的运用，使得实际风险管理费用控制在了预算费用之内，实现
了成本效益最大化原则。该方法通过对相关风险对并购成功的影响程度进行排序和综
合控制，有针对性地采取处理关键风险、监控二级风险等措施以实现风险损失与收益
的均衡，是科学有效的风险管理方法。通过对该方法的使用，能够为企业并购实现规II
避风险，创造价值的目标提供强有力的支持

关键词：航空公司；并购；集成风险管理；熵权决策模型III
Abstract
Mergers & Acquisitions (M&A) is an important means for Chinese airlines to deal
with the increasingly fierce competition of air transport market worldwide. M & A activity
is a systematic project which contains a variety of risks. Improper implementation easily
leads to the failure of mergers and acquisitions. Therefore, during the acquisition of the
airlines the management should be fully aware of the various risks that may arise in M & A
activity, and take actions accordingly.
There are many limitations for traditional risk management. First, it copes with all
departments and corporate risk management activities separately ignoring the interaction
between the internal systems of various risks. Secondly, it defines risk management within
the scope of their daily affairs and a single top-down management. Secondly, the purpose
of the enterprise integrated risk management is to enable that enterprises of all risk
management activities are consistent with the corporate strategy development goals. So the
development of integrated risk management objectives must be carried out under the
guidance of corporate strategy. Enterprise risk management, integrated fully into account
the differences within the enterprise strategy, management objectives can be based on
different strategies for different risks.
Firstly, this paper studies risk management under the framework of M&A strategy,
with the introduction of integrated risk management theory. Then an integrated risk
management framework model is built accordingly. The object of the study is regarded as
an organic whole consisted of many interrelated elements. Secondly, considering the risks
faced by the airlines merger and acquisition, the paper divided them into such four levels
as trading, decision-making, market and integration, the establishment of the acquisition
risk index system, and established an entropy weight decision model to assess the impact
on the business risk index. Then the importance of the risks was sorted to key risks,
secondary key risks and least important risks. In the end adopting different management
responses for different levels of risk to maximize the overall interests of the enterprise was
suggested.
Through the use of integrated risk management, the actual cost can be controlled
within budget to achieve a cost-benefit maximization principle. In this method, the degreeIV
of impact of the risks associated with successful merger and acquisition was sorted and
controlled comprehensively. Then dealing with key risks, monitoring secondary level risks
was suggested accordingly to achieve a balance of losses and earnings. All facts indicate a
scientific method. By using this method, it is possible to avoid the risk of mergers and
acquisitions to achieve value creation objectives.
Keywords: Airlines； Mergers andAcquisitions；Integrated Risk Management；Entropy
Model for Decision MakingV
目录
摘要...... I
Abstract
III
第一章 绪论........... 1
1.1 研究背景和意义.....1
1.1.1 研究背景........1
1.1.2 研究意义........3
1.2 国内外研究现状.....4
1.2.1 关于并购风险的国内外研究现状....4
1.2.2 关于集成风险管理的国内外研究现状........5
1.2.3 关于航空公司风险管理的国内外研究现状6
1.2.4 关于熵理论的应用国内外研究现状7
1.3 研究内容、研究思路和本文创新点.........8
第二章 理论概述...... 10
2.1 并购理论概述.......10
2.1.1 企业并购重组相关理论.....10
2.1.2 航空公司并购重组相关理论.........12
2.2 风险管理理论概述...........14
2.2.1 风险概念、特征及表现形式..........14
2.2.2 集成风险管理理论..19
2.2.3 集成风险管理方法..21
第三章 基于熵权的航空公司并购集成风险管理模型24
3.1 熵与熵权理论概述..........24
3.1.1 熵的产生与发展......24
3.1.2 熵思想及其内涵......25
3.1.3 熵权的基本原理......27
3.2 基于熵权的风险决策模型..........30
第四章 航空公司并购的集成风险管理分析 ........ 32
4.1 航空公司并购集成风险管理指标选取..32VI
4.2 航空公司并购集成风险管理实证研究...35
第五章 并购风险应对措施与政策建议38
5.1 风险应对措施......38
5.1.1 战略决策风险的应对措施..38
5.1.2 信息风险的应对措施..........39
5.1.3 财务风险的应对措施..........39
5.1.4 运营风险的应对措施..........39
5.2 政策建议..41
第六章 总结与展望.... 43
6.1 全文总结..43
6.2 研究局限与研究展望......44
参考文献. 45
致谢..... 49
作者简介. 50
攻读学位期间的研究成果 ........... 51
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